The money raised will be used for initial production of 2,000 units and compensation for about two employees, in addition to sales and marketing efforts, said founder and CEO Alan Kaufman.

Kaufman, a Waltham resident who previously owned and operated several Cingular Wireless Stores in Boston and New York, came up with the idea for Nubrella after observing people struggling with their umbrellas on a particularly windy, rainy day in New York.

"An image came to me and I went over to a desk and drew it," he said.

The first version of the Nubrella was a more insulated, 'bubble-like' umbrella that launched in 2008. Kaufman sold more than 10,000 of the units in 81 countries at a retail price of $59.99.

He was also featured on the first season of ABC's "Shark Tank" in 2010 where he was offered a $200,000 investment in exchange for 51 percent ownership.

He decided not to pursue the investment after the show aired in February 2010, but the exposure was "tremendous," Kaufman said.

The second version of Nubrella will retail online for $59.99 beginning later this year, Kaufman said. The aim is to sell the product for $49.99 in stores like Washington-based outdoor gear giant REI and Englewood, Colo.-based sporting goods retailer Sports Authority, Kaufman said.

The target market for the newest hands-free umbrella includes dog-walkers, bike-riders and almost anyone who works outdoors in the rain or snow, Kaufman said.

"The usages are somewhat endless," he said.

Based on market demand, previous sales and advisor projections, Kaufman anticipates becoming profitable in 2015 and selling about 500,000 units with gross revenues of $13 million in 2016. In 2017, he expects to sell 1.6 million units with gross revenues of $38 million, he said.

"We sold the original design around the world, which showed there was a market for it," he said.

Nubrella's total funding to date is $750,000, including the $200,000 investment Kaufman made in the company and money from friends, family and angel investors.